Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/174115 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2016/2
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
The existing weight of evidence suggests that financial structure (the classification of a financial system as bank-based versus market-based) is irrelevant for economic growth. This contradicts the common belief that the institutional structure of a financial system matters. We re-examine this issue using a novel dataset covering 69 countries over 1989-2011 in a Bayesian framework. Our results are conformable to the belief - a market-based system is relevant - with sizable economic effects for the high-income but not for the middle-and-low-income countries. Our findings provide a counterexample to the weight of evidence. We also identify a regime shift in 2008.
Schlagwörter: 
Financial Structure
Economic Growth
Cointegration
Bayesian Model Averaging
Structural Breaks
JEL: 
G0
O4
O16
Dokumentart: 
Working Paper

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